Thatcher Warned Us on the Euro

Michael Schaus

4/8/2013 5:41:00 PM - Michael Schaus

Thatcher warned Europe about the dangers of a Central European Bank and a single currency. Chills should run through the veins of Cypriots (and Italians) who ignored her warnings.

The woman who reintroduced a world to the virtues of capitalism passed away at the age of 87, from a stroke. And while Margaret Thatcher’s speeches, tenacity, and observations might have re-invigorated an otherwise disoriented conservative movement, much of her greatest lessons have -unfortunately- gone unnoticed.

Thatcher warned Europe about the dangers of a Central European Bank, and a single currency. Among the Iron Lady’s many devotions was a consistent objection to a Euro-Zone like state. Her fears where well placed, on target, and. . . mostly forgotten.

Her conversation on the possibility of a single European currency begins around 2:35.

A Central European Bank, she warned, would strip from local parliaments their democratic rights. A single currency would use the healthy nations as subsidizers for the weak. A Federalized Europe would dissolve the sovereignty of individual states, and a deterioration of Democratic European society.

Chills should run through the veins of Cypriots who ignored her warnings. Germans should listen again to her criticisms. The Euro zone has lead to bailouts, devaluation, and outright confiscation. The Cyprus Parliament was wise enough to reject deposit confiscations – yet those confiscations took place after one central European power deemed it inevitable.

And the Federalization of Europe’s economy does not only cost parliaments their legislative rights, but citizens their Democratic rights. After all, what rights are left for citizens when their wealth is threatened by Bureaucrats who answer to no popular accountability?

Margaret Thatcher’s warnings about a central European Bank where far from idle. And, if she had not been a lady of class and character, she might have said “I told you so.” I, however, am not a lady of class and character; so let me say it for her. She told us so.